BAKU, Azerbaijan, March 25. Remittances sent by individuals from Azerbaijan to Russia amounted to $57.98 million last year.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this figure decreased by $16.19 million, or 21.8 percent, compared to 2023.
Russia's share in Azerbaijan’s total remittances for the reporting year made up 11 percent.
Last year, remittances from Russia to Azerbaijan totaled $496.7 million, which is $550.770 million, or 52.6 percent less than the 2023 figure.
In 2023, the volume of money transfers from individuals from Azerbaijan to Russia amounted to $74.18 million, and in the opposite direction - $1.04 billion.
Overall, Azerbaijan's remittances sent abroad in 2024 totaled $526.76 million, marking a decrease of $23.4 million, or 4.2 percent, from the previous year.
Meanwhile, the volume of money transfers from individuals to Azerbaijan from foreign countries in the reporting year amounted to $1.08 billion, which is $571.9 million, or 34.6 percent less than the figure for 2023.
